Sidley is representing MicroPort Scientific Corporation (HKEX: 853, MicroPort) in connection with a block trade agreement via its subsidiary, Shanghai Latent, to sell up to 30.1 million shares in Shanghai MicroPort MedBot (Group) Co., Ltd. (HKEX: 2252, Shanghai MedBot) at a sale price of HK$15.5 per share. The net proceeds from the sale are expected to be approximately HK$458 million (US$58.7 million).
Sidley is also advising Shanghai MedBot on its placing of 25.1 million new H shares under general mandate. The net proceeds to be received from the placing are estimated to be approximately HK$389.62 million (US$50 million).
The placing agents for both deals are J.P. Morgan Securities (Asia Pacific) Limited and China International Capital Corporation Hong Kong Securities Limited.
The Sidley team was led by partner Sherlyn Lau, with the support of senior managing associate Alex Chau.
Shanghai MedBot is the first HKEX-listed, globally top-tier surgical robot company, dedicated to designing, developing, and commercializing surgical robots to assist surgeons in performing complex surgical procedures. In November 2021, Sidley advised Shanghai MedBot in its spinoff listing under Chapter 18A of the Hong Kong Listing Rules from the medical device manufacturer MicroPort. In 2024, Sidley also advised on its placing of 12.9 million new H shares and 34.7 million new H shares under general mandate in June and December, respectively.
